Receivable Instructions 1. %24 c. Received cash from fees earned. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. He. 30. (Do not insert the account numbers in the journal at this time.) 11. 3. A:The financial statements of the business include the income statement and balance sheet of the firm. J. d. The company completed work for a client and immediately collected the $2,500 cash earned. O OO O 1 of 1 During June, Ming Chen (the owner) completed these transactions. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 63. During June, Ming Chen (the owner) completed these transactions.a. g. The company paid an assistant $3,000 cash as wages for the month. 8. 225. g. Paid interest on the note payable, $500. b. 1. 505. m. Paid the salary of the assistant, 1,150, Ck. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. 7,500 + During June, Ming Chen (the owner) completed these transactions: a. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. (1,500) + Received 750, with the remainder due August 4, 2019. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Amount of total expenses recorded in the ledger. 4. f. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. During May, Kelly Consulting entered into the following transactions: May 3. 31. 25,000 Brooke completed the following transactions during the month of August: a. 0. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month During June, Ming Chen (the owner) completed these transactions. 00. and company a firm. 7. 25.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. In addition, $28,000 of computer rental costs were incurred and paid. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. The company paid $1,500 cash for rent of office space for the month. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Determine account balances of the T accounts. Prepare an unadjusted trial balance as of August 31, 2016. + Find answers to questions asked by students like you. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? Billed insurance companies for sales commissions earned, 12,500. j. d. Paid rent on office and equipment for the month, $5,000. During June, Ming Chen (the owner) completed these transactions. During the month, Knaus. %3D Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: In July of this year, M. Wallace established a business called Wallace Realty. 8. 2023. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. f. Paid office salaries, $6,500. c. Amount of net income for August. The company paid $1,500 cash for rent of office space for the month. c. Is it a variable or a fixed cost? The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. The actual work of dry cleaning is done by another company for a fee. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 61,000 EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Determine the increase or decrease in owners equity for August. 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. 22. Bal. ces Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. 58,500 31. Equipment During June, Ming Chen (the owner) completed these transactions: a. b. (j) Withdrew cash for personal use, 100. 3. Ming Chen began a professional practice on June 1 and. a. %3D 30.Served as a disc jockey for a charity ball for 1,500. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Instructions 1. Dividends in the amount of $1,500 were distributed. 10.000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Saved There is no prepaid rent or rent payable at year-end. Introduce your . ACCOUNTS RECEIVABLE Ask a new question. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. What amount should Carter report as net cash from investing activities? 2. 28.Paid wages of 1,200 to receptionist and part-time assistant. $30000. a. Gervais deposited 25,000 in a bank account in the name of the business. Im very much interested to write for attendance systems. 1006. property. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 7.500 During the month, she completed the following transactions connected with her professional practice: a. a. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). We will pay the $110 in thirty days. Record the closing entries on Page 8 of the journal. c. Received cash from fees earned. During June, 2. 23.Served as disc jockey for a party for 2,500. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Only credit card transaction fees are limited by law. Q:Connie Young, an architect, opened an office on October 1, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the amount of Joel Palks capital as of July 1 of the current year. 25.000 Enter the following transactions on Page 2 of the two-column journal: 29. 75,000 During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. j. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. During the month, she completed the following transactions connected with her professional practice: a. Simple Accounting equation is. The policy covers a one-year period. d. b. Insurance expired during May is 275. b. 7,500 Apr. operations,, A:Journal entry means the entry in prime book with chronological order. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 23. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. i. 3. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 4. During June, Ming Chen (the owner) completed these transactions. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 4.Prepare an unadjusted trial balance as of July 31, 2019. Instructions 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. On March 1 of this year, B. Gervais established Gervais Catering Service. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Bal. First week only $4.99! For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Determine the account balances, after all posting is complete. (1,500) + The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. 3. d. The company completed work for a client and immediately collected the $2,500 cash earned. 13. Determine the following: a. J. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Bal. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. In this activity, you will be creating. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b.
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